Monday, October 24, 2016


Prince Albert of Monaco buys mom Grace Kelly's Philly home for $775K8Photos

Prince Albert of Monaco buys mom Grace Kelly's Philly home for $775K

The royals are coming, the royals are coming. Perhaps more accurately, they're coming back. Prince Albert of Monaco will travel to the Philadelphia region Tuesday after purchasing his mom Grace Kelly's childhood home in East Falls, he confirmed to People magazine last week. The home, at 3901 Henry Ave., is where Kelly grew up, and later, where Prince Rainier III asked for her hand in marriage. The six-bedroom brick mansion was built in 1935 by the Kelly family, and left in the 70s to an Olympic athlete and businessman. It's been in that owner's possession until just recently, when he sold it to Albert. Now, Kelly's only son will explore plans for the home, which could include a museum exhibit space and offices for the family's foundation work, he told People. "It feels good," Albert II said. "I'm very happy to have saved this old family home from a near certain death or development." "The house was very beautiful and very special to our family," the prince added. "I remember one visit, one of the earliest I recall, Grandma put me up in one of the bedrooms upstairs. I must have been about 5 and it was one of the first times I remember when I wasn't put in with my sister. I remember just staring out the window, watching the cars go by, enjoying being alone." Albert added that he's excited to show his children the home, speaking about his twins Jacques and Gabriella. "I'm looking forward to showing the house to the kids, sharing it with them, having them see the garden," he said. "It'll probably be next year. We'll have to finish the work and then we’ll have some sort of opening." The home went on the market for $1 million in July; according to People, it was sold on Sept. 28 for $775,000.
AT&T to pay $85 billion for Time Warner, create telecom-media giant

AT&T to pay $85 billion for Time Warner, create telecom-media giant

AT&T Inc. said on Saturday it agreed to buy Time Warner Inc. for $85.4 billion, the boldest move yet by a telecommunications company to acquire content to stream over its network to attract a growing number of online viewers. The biggest deal in the world this year will, if approved by regulators, give AT&T control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted media assets. The tie-up will likely face intense scrutiny by U.S. antitrust enforcers worried that AT&T might try to limit distribution of Time Warner material. AT&T will pay $107.50 per Time Warner share, half in cash and half in stock, worth $85.4 billion overall, according to a company statement. AT&T said it expected to close the deal by the end of 2017. Dallas-based AT&T said the U.S. Department of Justice would review the deal and that the companies were determining which Federal Communications Commission licenses, if any, would be transferred to AT&T in the deal. U.S. lawmakers were already worried about cable company Comcast Corp's $30 billion acquisition of NBCUniversal, and several argued for close regulatory scrutiny of the AT&T deal. "Such a massive consolidation in this industry requires rigorous evaluation and serious scrutiny," said Senator Richard Blumenthal, Senate Judiciary Committee member and former attorney general of Connecticut. "I will be looking closely at what this merger means for consumers and their pocketbooks." Republican presidential nominee Donald Trump said at a rally he would block any AT&T-Time Warner deal if he wins the Nov. 8 election. Trump has complained about media coverage of his campaign, especially by Time Warner's CNN. "It's too much concentration of power in the hands of too few," said Trump. Democratic rival Hillary Clinton's spokesman told reporters Sunday that Clinton thinks regulators should closely scrutinize the deal. "There's still a lot of information that needs to come out before any conclusions should be reached." AT&T, whose main wireless phone and broadband service business is showing signs of slowing, has already made moves to turn itself into a media powerhouse. It bought satellite TV provider DirecTV last year for $48.5 billion. It had about 142 million North American wireless subscribers as of June 30, and about 38 million video subscribers through DirecTV and its U-verse service. New York-based Time Warner is a major force in movies, TV and video games. Its assets include the HBO, CNN, TBS and TNT networks as well as the Warner Bros film studio, producer of the “Batman” and “Harry Potter” film franchises. The company also owns a 10 percent stake in video streaming site Hulu. The HBO network alone has more than 130 million subscribers. AT&T Chief Executive Officer Randall Stephenson told reporters on a conference call that owning Time Warner and all its content will provide a greater competitive advantage than just continuing to license it. Talks between Stephenson and Time Warner CEO Jeff Bewkes began in August, they said. "Jeff and I both had a vision that if you put these two together, you could innovate much faster," said Stephenson. Bewkes, who rejected an $80 billion offer from Twenty-First Century Fox Inc. in 2014, will stay on for an open-ended period of time to help with the integration. Stephenson called the deal "vertical" rather than "horizontal" and played down regulatory hurdles. "There's no competitor being removed from the marketplace, there's no competitive harm that is being rendered by putting these two companies together," said Stephenson. "So any concerns by the regulators, we believe, will be adequately addressed by conditions, that's our anticipation." Time Warner must pay AT&T $1.725 billion if it finds a different buyer. If regulators block the deal, AT&T must pay Time Warner $500 million, according to people familiar with the deal. The telecom and media sectors have been consolidating. In addition to Comcast's purchase of NBCUniversal, AT&T's wireless rival Verizon Communications Inc. is in the process of buying internet company Yahoo Inc. for about $4.8 billion. AT&T said it would finance the cash portion of the purchase with new debt and cash on its balance sheet. AT&T said it has an 18-month commitment for an unsecured bridge term facility for $40 billion. AT&T has only $7.2 billion in cash on hand. Further borrowing could pressure its credit rating as it already had $120 billion in net debt as of June 30, according to Moody's. AT&T said the deal would add to earnings per share in the first year after closing. It said it expected $1 billion in annual run-rate cost savings within three years of closing, chiefly driven by lower corporate and procurement spending. Shortly after the deal was announced, AT&T reported third-quarter adjusted earnings per share of 74 cents, the same as in the year-ago period and matching Wall Street's average estimate, according to Thomson Reuters I/B/E/S. It hiked its quarterly dividend by a penny to 49 cents per share. Time Warner said its third-quarter earnings, which have not yet been announced, would show growth in revenue and operating income at each division and double-digit earnings growth. Owning more content gives cable and telecom companies bargaining leverage with other content companies as customers demand smaller, hand-picked cable offerings or switch to watching online. New mobile technology including next-generation 5G networks could make a content tie-up especially attractive for wireless providers. "We think 5G mobile is coming, we think 5G mobile is an epic game-changer," Rich Tullo, director of research at Albert Fried & Co, said in a research note, adding that mobile providers would be in position to disrupt traditional pay-TV services. A previous Time Warner blockbuster deal, its 2000 merger with AOL, is considered one of the most ill-advised corporate marriages on record. Perella Weinberg Partners LP, Bank of America Corp and JPMorgan Chase & Co were financial advisers to AT&T, with Bank of America and JPMorgan also offering bridge financing, while Sullivan & Cromwell LLP and Arnold & Porter LLP provided legal advice. Allen & Co LLC, Citigroup Inc and Morgan Stanley acted as financial advisers to Time Warner, while Cravath, Swaine & Moore LLP was its legal adviser.
Another Trump accuser comes forward, says he offered her $10K3Photos

Another Trump accuser comes forward, says he offered her $10K

An adult entertainer has become the 11th woman to come forward, accusing Republican presidential nominee Donald Trump of sexual misconduct. Jessica Drake blasted Trump in a press conference Saturday for his "uncontrollable misogyny" and being "a sexual assault apologist." She said Trump in 2006 offered her $10,000 and use of his private jet in exchange for sex, but she turned down the offer. Drake said she had met Trump at a golf tournament in Lake Tahoe while she was working for an adult film company, Wicked Pictures.  "He flirted with me and invited me to walk along the golf course with him, which I did," Drake said at the conference alongside her lawyer Gloria Allred. "Later that evening, he invited me to his room. I said I didn’t feel right going alone, so two other women came with me. In the penthouse suite, I met Donald again. When we entered the room, he grabbed each of us tightly in a hug and kissed each one of us without asking permission." Drake left, returning to her room. But later that night, she received a phone call from a man calling on Trump's behalf, asking her to come back. "I indicated that I did not wish to return. Then Donald called. He asked me to return to his suite and have dinner with him. He also invited me to a party. I declined. Donald then asked me, 'What do you want? How much?' I told him that I couldn’t. "After that, I received another call from either Donald or a male calling on his behalf, offering me $10,000. I declined again, and once more gave as an excuse that I had to return to Los Angeles for work. I was then told Mr. Trump would allow me the use of his private jet if only I accepted his invitation." "This is not acceptable behavior for anyone — much less a presidential candidate," Drake said. When Drake and Trump met, the candidate was married to his third and current wife Melania. His campaign has denied Drake's account — as well as the accounts of 10 other women who have accused the Republican nominee of misconduct.  "This story is totally false and ridiculous. The picture is one of thousands taken out of respect for people asking to have their picture taken with Mr. Trump,"   the campaign said. "Mr. Trump does not know this person, does not remember this person and would have no interest in ever knowing her. This is just another attempt by the Clinton campaign to defame a candidate who just today is number one in three different polls. Anyone who would pay thugs to incite violence at a rally against American citizens, as was released on video, will stop at nothing. Just another example of the Clinton campaign trying to rig the election." And at a rally Saturday in Gettysburg, Trump vowed to sue his accusers, though he didn't mention Drake's allegations directly. "Every woman lied when they came forward to hurt my campaign," Trump told a crowd of supporters. "Total fabrication. The events never happened. Never. All of these liars will be sued after the election is over."